How Credit Unions Can Best Compete In The Digital Marketplace Jim - PowerPoint PPT Presentation

How Credit Unions Can Best Compete In The Digital Marketplace Jim Marous Owner & Publisher, The Digital Banking Report Kyle Kehoe President, CRIF ACTion, CRIF Lending Solutions Richard Whiddon VP of Sales, CRIF ACTion, CRIF Lending Solutions

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How Credit Unions Can Best Compete In The Digital Marketplace Jim Marous Owner & Publisher, The Digital Banking Report Kyle Kehoe President, CRIF ACTion, CRIF Lending Solutions Richard Whiddon VP of Sales, CRIF ACTion, CRIF Lending Solutions

Complimentary Webinar: Digital Banking Report Review of Trends in Digital Lending With Special Guest Jim Marous Wednesday, March 28, 2018

Agenda ▪ Introductions ▪ Trends in Digital Lending ▪ Takeaways with CRIF ▪ Case Study ▪ Q&A

Today’s Speakers ▪ Jim Marous Owner & Publisher, The Digital Banking Report ▪ Kyle Kehoe President, CRIF ACTion, CRIF Lending Solutions ▪ Richard Whiddon VP of Sales, CRIF ACTion, CRIF Lending Solutions

Guide to Digital Lending 66-page research report ISSUE 253// DECEMBER 2017 ISSUE 254// FEBRUARY 2018 ▪ covering the current state of digital lending worldwide. Analysis of digital lending ▪ maturity. Contributions from industry ▪ leaders. Global case studies. ▪ Recommendations for ▪ development and improvement of digital lending functionality. Guide to Guide to Digital Lending Digital Lending

Banking Must Support Digital Channels

At First Glance, Things Look Good

Back Office Not Prepared for Digital

We Rely on Traditional Channels

Abandonment Is High … When Measured

Offering Digital Loans is Not Easy

Digital Functionality is Missing The challenge is that many banks are not integrating the needed digital lending functionality.

Fail to Maximize Value of New Customer

Case Study: mBank 2. Confirm terms and conditions 1. Determining amount and length 3. Loan available in less than 1 minute from starting the application

mBank: Personalized Marketing

mBank: 30-Second Mobile Lending Money bar with individual One-click loan credit limit application

mBank Key to Success: Breaking Silos

About CRIF Lending Solutions Technology  Deposit account opening  Loan origination systems for consumer & business  Data access & attribute management  Decision management Services  Indirect auto lending partner programs  Dealer partnership program for indirect lending Consulting  Analytics, scoring & reporting  Process design, automation & optimization

Key Takeaways: 2018 CRIF ACTion Advisory Council

Case Study: Meritrust Credit Union $1.2B  Wichita, KS ➢ Auto decisioning increased by 10% to 41% ➢ Eliminated an estimated 120 clicks from previous process ➢ eSignature integration for a more consistent member experience “We’re really excited about the forward - thinking culture at CRIF.” Emily Stewart, Special Projects Manager, Lending at Meritrust

Digital Lending Experience Cross Selling Customer Communication Electronic Loan Agreement Signature Document Uploads Instant Credit Decision Initial Application

Tablet-Friendly Lending Anywhere Casual Lobby Tent Sales Community Events Kiosks 28

The Power of the Decision Engine ▪ The digital experience is only as good as the quality of the decision engine ▪ Auto decision rates ▪ Full credit policy and scores ▪ Smart cross sell ▪ Automated stipulations and fulfillment ▪ Increase response times ▪ Improve booking ratios

Best Practices for Digital ✓ Minimize friction, fields, keystrokes ✓ Collect easy information first ✓ Offer save and resume ✓ Onboard the requested product first ✓ Retarget abandoned applications ✓ Use mobile-first design ✓ Smarter, actionable cross sell ✓ Digital referrals

Questions? Get a FREE copy ($495 value) of the Digital Banking Report by scheduling a 30-minute consultation! Richard Whiddon r.whiddon@criflending.com For more information info@criflending.com